Given the current real estate bubble, if you’ve purchased a home and are looking to sell, understanding the value of your property and the factors that alter it are probably of interest to you. There are an infinite number of components that change a property’s value. Some of them are inherent in the home that you’ve purchased, others can be changed to benefit you.
I’ve included a list of the circumstances that will influence your property value below.
Where you live is going to be a boon for an evaluation of your property worth. If you have real estate in a popular area, you’re striking gold. Being close to a school, and accessible amenities will increase the cost of your home. There isn’t much you can do to change the location of an entire house, but it’s good to keep in mind the location of your home to give you a general idea of its worth.
Homes surround you that are newly sold are going to give a frame of reference for your property’s current worth. If homes surround you in comparable condition and size are going for a certain value, there’s a good chance the worth of your home will be based around these prices.
Age and Home Quality
Newly built houses can require a considerably less amount of effort than older homes in some cases. Chances are they won’t need to have any major renovations conducted and upkeep of work such as the roof won’t need to be done anytime soon.
Sometimes new houses are poorly built, and an older home that has been kept into high quality will appear more attractive to those looking to purchase a home. Depending on your situation this can either benefit or reduce the worth of your property.
Any condition inside of the home that includes damage is going to be of detriment to your home’s worth. If you currently have an outbreak of mold in your house, you’re going to want to investigate fixing this before looking at the value of your house.
If you’re worried about mold damage, and the impact it has on property value, you can check if your house has mold. The Social Home Buyers offer information on finding mold within your house, assessing the damage it may have caused, and legal issues related to selling a house that has mold.
Home Size and Usable Space
A factor that plays a huge role in the worth of your home is going to be the size of it and the usable space. If you pay more you expect to get something larger, and the same principle plays effect when it comes to home buying. The usable space inside the home is going to come into effect as well. How many bedrooms are there? How many bathrooms? How big is the kitchen, etc.? The more room there is in your home, the more it will be worth.
Even if you’re working with attempting to sell an older home on the market, all is not lost. If it’s been well-maintained and there are extensive renovations on the property you’re probably going to look at a larger increase in market value.
A new kitchen can speak wonders to potential buyers, and they’re going to look at the quality and condition of the property before they consider the age. If you’re even looking at selling in the future, you could consider doing some renovations beforehand so as to increase the value prior to a sale.
After the 2008 recession I think most people understand the importance of the surrounding economic factors when it comes to property value. The condition of the market itself is going to change home value considerably. So ensure you do your research, if the housing market has been hit recently, or even if it’s the right time of year to consider selling.
A large quantity of factors impact the value of houses, the list could go on and on. But bear the most important points in mind, especially the ones that require your own control or observational skills.
Is your home located near a school, or other locations that could potentially increase its value? If not, what are the age and quality of the home you’re attempting to sell, and what is the value of recently sold properties in your area? How big is your place of residence, and have you done any renovations lately?
The last point, the economy is something you always want to keep your eye on. Watching the dips and troughs of the economy will greatly improve your chances of selling your home at the price it’s worth. These are certainly some of the greatest factors that have an impact on your home’s value.